Banking FAQs What is a bank? A bank is a regulated financial institution that accepts deposits and extends loans. Depending on the type of bank, they may also offer other services, such as selling securities. How do I choose the right bank for me? When picking a bank, you should consider the types of accounts and services they offer. You may also review their accessibility, safety, fees, and interest rates. What are the different types of banks? The different types of banks include retail, commercial, investment, and central banks. What fees should I expect to pay at a bank? The fees may vary depending on the account type you hold with the bank. However, common banking fees include overdraft fees, ATM fees, monthly service fees, and maintaining balance fees. Do online banks have the same FDIC insurance as brick-and-mortar banks? Yes, some online banks are FDIC-insured, just like brick-and-mortar banks. This means that your deposits are protected up to $250,000 in case of a bank failure. Be sure to check if your prospective online bank is one of those who fall in this category. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.